Bin Zayed Group ‘agrees terms’ for Newcastle takeover

Newcastle United's proposed takeover by Dubai-based billionaire Sheikh Khaled bin Zayed Al Nehayan has taken a step closer after a statement released by representatives of the Sheikh confirmed terms have been agreed.

In a statement released yesterday by the Bin Zayed Group, it had agreed terms and hopes to complete the deal “at the earliest opportunity”.

“We can confirm the representatives of his Highness Sheikh Khaled Bin Zayed Al Nahyan are in discussions with Mike Ashley and his team about the proposed acquisition of Newcastle United Football Club. We view it as an honour to have the opportunity to build on the strong support, history and tradition of the club”, part of the statement reads.

Bin Zayed Group’s offer is widely reported to be worth £350m (€396.1m/$443.1m), but scepticism remains as to whether it will be completed and Newcastle is yet to officially comment on the statement. Sheikh Khaled is a cousin of Manchester City owner Sheikh Mansour bin Zayed al-Nahyan, and failed with a takeover offer for Liverpool last year.

Sheikh Khaled is a cousin of Manchester City’s Arab owner Sheikh Mansour and the relevant papers for the takeover to be completed have already been sent to the Premier League. He is said to be a senior member of the Abu Dhabi royal family and failed in a £2 billion takeover of Liverpool last year.